STACK 101

What is Stack 101?

Stack 101 is our company blog where we share insights, lessons learned, and behind-the-scenes perspectives on the urban infill development process. From acquisition and feasibility to planning, design, project management, construction and completion, we break down what it takes to bring residential projects to life. Whether you’re a property owner, investor, or simply curious about development, Stack 101 is designed to make the process easier to understand and more approachable.

The Development Journey: From Vision to Completion

From Vision to Completion

Residential development in Seattle, Bellevue, and Kirkland has become increasingly complex. Between zoning regulations, permitting timelines, financing, and construction costs, successful projects require careful coordination from day one.

At Stack, we guide clients through the full development process — from early feasibility through construction completion and handoff.

1. Vision & Feasibility

Every project starts with understanding what is financially and physically achievable on a site.

This phase includes:

Site planning and programming
Preliminary budgets and cost modeling
Financing strategy
Development proformas
Due diligence and scenario testing

Early planning is critical, especially for infill projects where zoning, site constraints, and construction costs can significantly impact feasibility.

2. Design & Permitting

Once a project strategy is established, the focus shifts to design coordination and entitlement.

This stage involves managing architects, engineers, consultants, permitting, and early construction pricing while keeping the project aligned with budget and schedule goals.

3. Pre-Construction

Pre-construction bridges planning and execution.

Key activities include:

Construction financing coordination
General contractor bidding and selection
GMP negotiation
Value engineering
Final specifications and site preparation

Strong pre-construction management helps reduce risk before construction begins.

4. Construction Management

During construction, consistent oversight and communication are essential.

Typical responsibilities include:

Budget tracking
Change order management
OAC meetings
Lender coordination
Schedule and construction oversight

The goal is to maintain transparency, control costs, and keep the project moving efficiently.

5. Project Closeout

The final stage focuses on transitioning the project from construction to ownership.

This includes:

Punch list coordination
Warranty and closeout documentation
Utility and operational setup
Refinance or lease-up support

A successful closeout ensures the project is fully prepared for occupancy and long-term operations.

Why the Process Matters

Development is ultimately about coordination — aligning design, finance, construction, and ownership goals throughout the life of a project.

At Stack, we help clients navigate that process from initial vision through completion, bringing structure, transparency, and strategic oversight to every phase of development.

Property Acquisition

The Real Estate Acquisitions Process

Every successful real estate development project begins with acquisitions — the process of identifying, evaluating, negotiating, and securing development opportunities. A disciplined acquisitions strategy helps reduce risk and position projects for long-term success. Finding a great site for development in established neighborhoods can be extremely competitive and requires patience and persistence.

1. Market Evaluation and Site Search

The process starts with identifying strong markets and submarkets based on factors such as land prices, rents, walkability, schools, transit access, retail activity, and future development trends.

Once target neighborhoods are identified, Stack searches for sites with the right zoning, size, and redevelopment potential. Opportunities may come through brokers, land databases, direct outreach, or simply walking neighborhoods to identify underutilized properties.

2. Underwriting and Financial Analysis

After identifying a potential site, Stack prepares a preliminary financial model to test feasibility.

Revenue assumptions are based on market research, including comparable rents and sale prices, while cost assumptions include construction, consultant fees, permitting, financing, and contingencies.

3. Seller Engagement and Negotiation

If the site appears viable, Stack begins discussions with the seller or broker to understand pricing expectations, timing, and any site constraints.

Negotiations focus not only on purchase price, but also on securing enough time for due diligence and feasibility review. Once terms are generally agreed upon, the parties execute a Letter of Intent (LOI), followed by a formal Purchase and Sale Agreement (PSA).

4. Due Diligence

During due diligence, Stack hires consultants to evaluate the site’s physical and regulatory feasibility. This may include environmental studies, surveys, geotechnical investigations, title review, and preliminary design work.

A strong acquisitions process combines market knowledge, financial analysis, negotiation strategy, and technical due diligence to ensure projects are positioned for successful execution.

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